# In the matter of Oneview Corporate Advisors Private Limited CP (IB) No. 246-KB-2021

> NCLT judgment dated 2022-11-01. Citation: TCN-2022-NCLT-00575. Value Ideas Investment Services Private Limited filed a petition under Section 9 of the…

- **Court:** NCLT
- **Order date:** 1 Nov 2022
- **Citation:** TCN-2022-NCLT-00575
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/oneview-corporate-advisors-private-limited-cp-ib-no-246-kb-2021-6f4ea21b

## Summary

### Background

Value Ideas Investment Services Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Oneview Corporate Advisors Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed that the Corporate Debtor failed to pay a sum of Rs. 1,17,36,575/- for consulting services rendered. The Corporate Debtor contested the petition, arguing that it is a financial service provider and the debt was disputed.

## Facts

Value Ideas Investment Services Private Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Oneview Corporate Advisors Private Limited, the Corporate Debtor, for failing to pay Rs. 1,17,36,575/-. The Operational Creditor claimed the amount was due for consulting services provided since mid-2015, with an agreement for the Corporate Debtor to pay 35% of total fees received from customers after third-party expenses related to IPOs. The Corporate Debtor allegedly started delaying payments from March 2018. A demand notice under Section 8 of the Code was issued on May 29, 2021, and received by the Corporate Debtor on June 5, 2021. The Corporate Debtor replied on June 9, 2021, and stated in its

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## Issues and analysis

### Issue 1: Whether the petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 is …

**Ratio:** A petition under Section 9 of the IBC is not maintainable against a Financial Service

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**Reasoning:** The court relied on the definition of 'Corporate Person' in Section 3(7) of the IBC,

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**Interpretation:** The interpretation of Section 3(7) of the IBC and the Insolvency and Bankruptcy

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**Application:** Since Oneview Corporate Advisors Private Limited is a Financial Service

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## Parties

- **Judges:** RohitKa…; Balraj…
- **Appellants:** Value Ideas…
- **Respondents:** Oneview Corporate…

## Timeline

- **1976-05-24 — Incorporation of…**: Oneview Corporate Advisors…
- **2018-03-01 — Delay in Pa…**: The Corporate Debtor allegedly started…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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